Financial sector urged to embrace South Africa’s cybersecurity standards

Financial Sector Conduct Authority, South Africa

Local financial institutions have been encouraged to adopt South Africa’s newly introduced Joint Standard on Cybersecurity and Cyber Resilience Requirements, a comprehensive framework designed to bolster defenses against escalating cyber threats.

The regulation, jointly issued by South Africa’s Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA), mandates that banks, insurers, pension funds, and other financial service providers implement robust cybersecurity strategies. These include board-level oversight, formal incident response plans, regular system testing, stringent access controls, and adherence to best practices in cyber hygiene, such as timely patching, malware protection, and secure system configurations.

Tanya Hopker, Cybersecurity Awareness Specialist at Meinert Cybersecurity, highlighted the regulation’s potential as a model for Namibian businesses. “It offers a very strong blueprint for businesses in the financial sector but also outside of the financial sector,” she said, underscoring its comprehensive coverage of prevention, response, recovery, and policy aspects.

The Joint Standard will come into effect on 1 June 2025, providing South African institutions with a clear timeline for compliance. Namibian companies, particularly those operating within or in partnership with the financial sector, are advised to align their cybersecurity measures with these standards to enhance resilience and safeguard against potential cyber incidents.